Protalix receives $25m payment from Pfizer

The payment follows FDA approval of Elelyso, Protalix's Gaucher disease treatment.

Protalix Biotherapeutics Inc. (AMEX:PLX; TASE: PLX) has received a $25 million milestone payment from Pfizer Inc. (NYSE: PFE; LSE: PFZ) under the companies' global commercial agreement for Elelyso drug (taliglucerase alfa) for the treatment of Gaucher disease, after the US Food and Drug Administration (FDA) approved it on May 1.

On November 30, 2009, Protalix and Pfizer signed an exclusive license and supply agreement for the development and commercialization of Elelyso. Protalix granted Pfizer worldwide commercialization rights to the drug, except in Israel. Pfizer pays 60% of the drugs expenses, and will receive the same proportion of global sales revenue.

Today's payment is the third by Pfizer. It paid Protalix $60 million when the agreement was signed, and later paid an additional $5 million milestone payment. The payment boosts Protalix's cash and cash equivalents to $70.6 million

Protalix's share price rose 2.3% by mid-afternoon on the TASE today to NIS 26.33, after rising 0.8% on the American Stock Exchange on Friday to $6.69, giving a market cap of $619 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018